![]() ![]() However, most cash-back credit cards have other fees, which could wipe out any rewards you’ve earned. You also don’t have to worry about spending a minimum amount of money to earn enough rewards to cover the annual fee and make the card worth carrying. ![]() “No annual fee” simply means that you don’t have to pay an annual fee to carry and use the credit card. What does no annual fee on a cash-back credit card mean? Common categories include spending at gas stations, restaurants and grocery stores. ![]() These cards offer higher cash-back rates in specific spending categories that don’t change. Tiered cash-back cards are best for people who want to use a rewards card for a specific purpose. The simplest cash-back card to use, a flat-rate cash back card delivers the same value, typically 1% to 2%, on every qualifying purchase, regardless of the spending category. Rotating categoriesĬards with rotating spending categories, like Chase Freedom Flex and Discover it Cash Back, let you earn higher cash-back rates in categories that change quarterly - as long as you activate them. Others offer a flat-rate for every qualifying purchase. Some have spending categories or tiers of points depending on what you purchase. Types of cash-back credit cardsĬash-back credit cards vary in how they calculate rewards. In general, 1% cash back equals one cent of rewards per dollar spent, but rates can vary by card issuer and offer. With cash back cards, you earn a percentage for every dollar you spend. Some card issuers allow you to redeem your rewards for gift cards or merchandise, as well. Most often, you’ll receive cash back in the form of a statement credit, although you may be able to request a check or direct deposit into your bank account. What is a cash-back credit card?Īs the name implies, a cash-back credit card offers a percentage of money back on eligible purchases. 1% cash back on eligible purchases right away. ![]()
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